247 Professional INSURANCE broking service · 4 Lion Works, Sidley Rd, Eastbourne, East Sussex, BN22 7HB. Professional Indemnity Insurance provides essential financial protection

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BUSINESSINSURANCE 247

Professional broking service

2 Lion Works, Sidley Rd, Eastbourne, East Sussex, BN22 7HB.

Some of our product range you can find at our website

www.businessinsurance247.co.uk

We specialise in these fields

• Professional Indemnity Insurance

• Directors and Officers Liability Insurance

• Intellectual Property Insurances

• Prospectus Insurance - IPO’s/Warranties/MBO’s

• Mergers and Acquisitions Covers

• Office Insurance Packages

• Commercial Insurance (Non-Motor)

• Public Liability Insurance

• Employers Liability Insurance

• Malpractice Insurances/Liabilities

• Clinical Trials Insurance

• Charities and Trustees Insurance

Our services: offline or online

We have direct access to all the major suppliers of these

types of insurances and use our Lloyd’s connections to

obtain terms for our more complicated and overseas risks.

Business Insurance 247 operates 60 dedicated websites

to provide each profession and business with their own

individual exclusive service.

Each website has been specifically built to serve a

particular business requirement. Each site inclused our

‘Live Broker’ facility, where a prospective client can visually

see and speak directly with one of our brokers about their

insurances from anywhere in the world.

“1/3rd of SME’s choosing to

purchase their insurances online do

so outside office hours.”

At a Glance

33Multiquote & Buy online: www.businessinsurance247.co.uk

All companies need insurance protection across a wide

range of exposures, however, in some cases businesses

may not be aware of all the insurance covers they require.

• Buildings Insurance

• Contents Insurance

• Public Liability Insurance

• Employers Liability Insurance

• Product Liability Insurance

• Stock Cover Insurance

• Business Interruption Insurance

• Goods in Transit Insurance

• Legal Protection Insurance

• Intellectual Property Rights Insurance

• Directors and Officers Insurance

• Professional Indemnity Insurance

• Mergers and Acquisition Insurance

• Warranties Insurance

Very important insurance covers that a business or a

company need to consider are Public and Employers

Liability Insurance. In fact, Employers Liability Insurance

is statutory and must be arranged if you are a limited

company, PLC or indeed if you employ anyone, even if this

is on a part time basis.

Business Insurance 247 Ltd, deal only with Commercial

Insurances, and act on behalf of companies wishing to

obtain cover for their businesses in the U.K. or worldwide.

We are able to obtain terms from most of the major

insurance providers and from the Lloyds market, at

competitive rates, offering worldwide Insurance covers

and in some cases this will include cover extending to and

incorporating USA/Canada.


BUSINESSINSURANCE 247At a Glance Commercial Insurance


Professional Indemnity Insurance provides essential

financial protection for a wide range of professional

advisers. In the event that a client suffers financial loss as

a result of alleged neglect, error or omission Professional

Indemnity Insurance will meet the cost of defending claims

and any damages payable.

Any person who gives advice, designs, or offers similar

services in a professional capacity is seen by clients as an

expert. In these times of high consumer awareness, clients

will not hesitate to pursue a claim if they feel that they have

received sub-standard service. The need for Professional

Indemnity Insurance has never been greater.

any professional can produce substantial claims. Court

awards have risen sharply in recent years. Without

insurance, the financial security of a business is threatened.

Example cases

A business wished to be known by a particular trade

name. After consulting with company registration agents,

it was told that there was no objection to its chosen name.

Proceedings were issued by a company with a similar

name and £20,000 was paid by the registration agents.

Detailers prepared structural drawings for the erection of

steelwork. It was subsequently alleged that the drawings

contained errors and £110,000 was claimed for the costs

of alteration and the resulting delays in construction.

An auctioneer sold property at auction over a number of

years. It was alleged that the property was stolen and a

claim for £250,000 was brought against the auctioneer.

An estate agent missed the opportunity to carry out a rent

review because of a defective rent review notice. The claim

was settled for £50,000.

Professional Indemnity Insurance


Example cases:

Case 1: It was alleged that surveyors were

negligent in their valuation of a property on behalf

of a lender.

Loss: £1.5million

Insurance: £1million

Shortfall: £500,000

Case 2: A consulting engineer designed a roof

which proved to be defective.

Loss: £350,000

Insurance: £100,000

Shortfall: £250,000

Case 3: A design consultant provided designs for

tools to be used in manufacturing process. It was

alleged that the designers were inaccurate.

Loss: £150,000

Insurance: £100,000

Shortfall: £50,000

How much cover is required?

Individual professions can assess the amount of cover

appropriate to their business. However in many cases

this is determined by an authorising professional body

which lays down the criteria and covers required often with

minimum levels of indemnity and excesses. If in doubt you

should check with your own authorising body, although as

a professional indemnity insurance broker, PIA Ltd generally

will be able to advise you of the different requirements

required for your particular profession.

For others trying to determine how much cover to effect,

it is important that a realistic view is taken of the potential

damages and legal costs for which the business could

become liable. Being under-insured can be almost as

financially disastrous as being without insurance at all - as

the examples below reveal.

We recommend that no insurance policy is taken out with

a limit of less than £250,000. We will, however, provide

a quotation for lower levels of indemnity if asked to do

so. We are also able to provide cover up to a limit of

£20,000,000 in most cases.

Any professionals in doubt about the amount of cover they

should take out should consult their legal advisers.

The following examples highlight the dangers of being

under-insured.

For a quotation call 01323 648000

or download a proposal form at:


BUSINESSINSURANCE 247Professional Indemnity Insurance


Directors and Offi cers may be held personally liable to all

parties that have any interest in the affairs of the Company.

In essence, a Directors and Offi cers Liability Insurance

is a form of Professional Indemnity cover for Company

Directors and Offi cers.

General Duties of Directors

Fiduciary Not to act outside their own authority, not to

commit the Company to transactions prohibited

by law or outside the Company’s Memorandum

of Association and to avoid placing themselves

in a position where their personal interests

confl ict with those of the Company.

Care That one might expect of a reasonable person.

Skill Although, “he need not exhibit a greater degree

of skill than may reasonably be expected from a

person of his own knowledge and experience”,

(City Equitable Fire Insurance Company 1925),

a Director or Offi cer or anyone with a particular

skill or qualifi cation should exhibit a greater duty

of skill than those without, eg. Finance Director,

Company Secretary etc.

• Statutory Exposures (Typical)

• Companies Act (over 200 offences)

• Company Directors Disqualifi cation Act

• Insolvency Act (“ Wrongful Trading”)

• Financial Services Act

• Health and Safety at Work Act

• Company Securities (Insider Dealing) Act

• Data Protection Act

• E C Directives and Regulations

• Consumer Protection Legislation

• Racial and Sex Discrimination Legislation

Directors and Offi cers Liability


Taking into account the duties and exposures highlighted, a

Director has to be mindful of all of these when considering

the following circumstances which quite often give rise to

claims or legal proceedings:-

Circumstances

• Sale of Assets/Divestments

• Liquidation

• Acquisitions/Investments

• Failure to Supervise

• Poor Performance

• Adverse Publicity

• Share Issues/Change of Share Ownership

• Dishonesty of Fellow Directors

• Expansion Plans or Rationalisation

• Safety and Emergency Regulations

Interested Parties

Parties who have an interest in the affairs of a Company

include the following:-

• Shareholders/Investors

• Vendors

• Employees

• Competitors

• Creditors

• Contractors

• Customers

• Government

Departments

• Purchasers

• Local Authorities




BUSINESSINSURANCE 247Directors and Offi cers Liability




www.www.businessinsurance247.co.uk

Intellectual Property Insurance coverage protects

companies for copyright, trademark or patent infringement

claims arising out of the company’s operation, and the

defence or pursuit costs, (together with damages if proved)

up to the policy limits.

Why do I need Intellectual Property Insurance?

A competitor can financially ruin your company if you do

not have the funds to hire a solicitor and pay the cost of all

the legal fees associated with defending or pursuing your

right to a patent or trademark.

The policy can offer cover for the following areas: -

• Legal expenses to defend your rights

• Legal expenses to enforce your rights

• Legal expenses to defend your agreements

• Damages awarded if your defence is unsuccessful

• Expert witness, enquiry and attendance expenses

• Intended to apply to UK registered companies, firms or

individuals within UK law

• Cover for non-UK companies etc may be available

• Cover for Customs and Excise fees to monitor imports

for surveillance of counterfeit goods

When do I need Intellectual Property Insurance? You need

Intellectual Property Insurance should a competitor try to

sue you for what they consider to be an infringement of

their ideas or Intellectual Property, or if you need to protect

your ideas themselves from being taken.

Intellectual Property Insurance


Greater need in todays market

More than ever before, intellectual property claims involving

infringement of patent, copyright and trademark are being

filed and litigated at a tremendous cost to both parties.

Better range of policies

Few standard insurance policies protect businesses from

loss or damage to their intellectual property; however, a

growing range of policies aimed specifically at intellectual

property are available and businesses would do well to

consider whether such a policy is available that is right for

them.

Criminal offences exist in copyright and trademarks

law. The circumstances need to be studied carefully to

determine if the behaviour amounts to a criminal offence or

a matter that can be resolved using the civil law. Intellectual

property law varies greatly in different countries. Many

under-developed countries and certain countries in eastern

Europe have insufficient protection (reluctance to police

existing intellectual property laws or the non existent of

such laws) for copyright and trademark holders.




BUSINESSINSURANCE 247Intellectual Property Insurance Intellectual Property Insurance


There are many areas where your business is exposed

to risks. A Public Liability policy can cover you for the

following:

• Injury to any person

• Loss of or damage to property

• Obstruction, nuisance, trespass or interference with,

rights of way, of air, light, water or others.

• Wrongful detention, imprisonment, eviction, arrest, or

invasion of the right to privacy

The standard policies usually extend to cover UK ,

Northern Ireland, the Channel Islands and the Isle of Man,

although we can place cover worldwide including USA and

Canada with UK jurisdiction and in some cases we can

place public liability risks with worldwide cover outside the

jurisdiction of the UK.

Extend your cover to the following:

• Health & Safety at work - legal defence costs

• Motor contingent liability

• Movement of obstructing vehicles

• Leased, hired or rented premises

• Cross liability

• Car park and Cloakroom liability - i.e. where a car or

personal belongings of a person are held in trust by you

or in your custody or control

• Data Protection Act - liabilities arising under the Data

Protection Act to pay compensation for damages or

distress

• Consumer Protection Act - legal costs & expenses

• Bona-fide sub-contractors

So a Public Liability policy clearly helps you or your

business protect against a vast number of possible

exposures.

Public Liability Insurance


Employers Liability Insurance is essential to most

businesses and employers for their protection and to

provide the employer with legal defence costs and

damage awards, should an employee get injured or

sustain losses because of an employers fault.

Health care professionals win most malpractice

lawsuits, but the legal system rarely allows for the

recovery of expenses by the winner. Since the cost of

defence is high and a loss can be devastating.

Employers Liability Insurance

Employers Liability Insurance is a statutory requirement. If

you run a business where people are working for you (even

on a part-time or voluntary basis), there will be a certificate

issued by the insurance company that must be retained

for a period of 40 years. The current certificate must be

displayed where your employees can see it.

The penalties for not holding an Employers Liability

certificate can be severe with fines up to £2,500 per day.

The statutory requirement for Employers Liability is

£5,000,000, however, cover is usually a minimum

£10,000,000 and will protect the company or employers

against claims that maybe made by an employee of

a business. Claims can range from mental anguish to

industrial injury and many more exposures besides.

Malpractice Insurance

Malpractice insurance is for professionals to protect

themselves from the financial effects and costs of being

sued. A malpractice insurer agrees, through an insurance

contract, to investigate claims, provide legal representation,

and accept financial responsibility for payment of claims up

to a specified monetary amount during the policy period.

Even the most competent professional can make a mistake

and should protect against that possibility and even

professionals who make no mistakes can be sued.




BUSINESSINSURANCE 247Employers Liability


Legal Liabilities - defending legal action

• Employer’s Liability

• Public and Products Liability

• Commercial Legal Protection: provides cover for

legal action in relation to a whole spectrum of

issues affecting businesses such as employment

disputes, debt recovery and VAT disputes.

Employee Benefits - protection for a valuable

asset (optional)

• Personal Accident

• Business Travel: provides cover whilst travelling

on company business in the UK, Europe and

Worldwide.

If you run a professional business from an office, much

of your time maybe spent away from it, visiting clients,

suppliers and business contacts. You will want to make

sure that your business is properly protected but with

little time to spare you often don’t have the time to search

for the right insurance cover. We can take care of your

insurance needs, leaving you to concentrate on running

your business.

What does office cover?

Office insurance is a package that has been designed to

meet the needs of all types of office-based businesses

such as consultants, architects, solicitors and surveyors.

It includes Contents cover, Revenue Protection, Public

Liability and Employers Liability cover and Commercial

Legal Protection. You can also select from a broad range

of optional covers and limits to tailor the policy to suit your

individual business needs.

Asset Protection - protection of tangible assets

• Building Insurance

• Contents Insurance

Revenue Protection - financial protection for the

business

• Business Interruption covers loss of income and

increased office expenses, in the event of fire, flood and

natural disasters.




Office Insurance Package





Prospectus Insurance - IPO’s Insurances

We can offer policies that are specifically geared to

Prospectuses, whether a company is thinking of handling/

floating on AIM or OFEX. The policy covers both the

company and its Directors.

Generally speaking this insurance cover is available for

a six year period, during which claims can be brought.

Premiums are subject to a “one off” premium payment.

IPO & MBO Insurances

The terms of each policy need to be negotiated with

underwriters and checked with your solicitors to ensure

that there are no onerous exclusions for the directors or

company’s activities, call or email us to discuss.

Naturally if we are your representing brokers we will try our

best to obtain the widest wording available.

BUSINESSINSURANCE 247Prospectus Insurance


In general the charity needs a broadly worded policy to indicate cover for the following exposures:

• Liability for Directors

• Professional Indemnity Cover

• Use of funds collected (not financial loss of

investment themselves)

• Fidelity – dishonest, fraudulent, criminal, acts of a

manager/s or employee/s

• Loss of Documents

• Executive covers – liabilities

• Employment practices liabilities i.e. employment

disputes including costs for things such as official

investigations, enquiries, health, safety, etc

The senior officers and trustees of a charity have individual

personal duties and responsibilities for the management

and administration of that charity or association, bringing

with it the potential of many liabilities. The fact that many

people who give their time ‘free’ to charities, acting in either

a management capacity or as a trustee, does not absolve

them from these very real liabilities.

There are several publications explaining the duties and

responsibilities of a trustee, which the charity commission

has produced, giving out details on such things as

protection and investment of charity assets.

The structure of a charity, where trustees are appointed

and the duties of those trustees are formulated by a deed

or document controlling that trust, from statute and from

common law should a trustee accidentally be neglectful or

be ignorant of these duties this could lead to a ‘breach of

trust’ and leave that trustee.

The important issue for charities or associations to

consider is the potential liabilities and exposures they

subject their trustees, directors and officers to and itself

becomes a ‘duty of care’ particularly to employees of that

charity or association.

The best form of protection against potential liabilities (and

there are many) would be to arrange an insurance policy,

however, there are guidelines that you need to perhaps

consider - the Charity Commission for England and Wales

has summarized these in their publication ‘CC49’.




Charities and Trustees Insurance





Prospectus Insurance - IPO’s Insurances

We can offer policies that are specifically geared to

Prospectuses, whether a company is thinking ofhandling/

floating on AIM or OFEX. The policy covers both the

company and its Directors.

Generally speaking this insurance cover is available for

a six year period, during which claims can be brought.

Premiums are subject to a “one off” premium payment.

IPO & MBO Insurances

The terms of each policy need to be negotiated with

underwriters and checked with your solicitors to ensure

that there are no onerous exclusions for the directors or

company’s activities, call or email us to discuss.

Naturally if we are your representing brokers we will try our

best to obtain the widest wording available.

BUSINESSINSURANCE 247Prospectus Insurance


Opening Hours

Our opening hours are 9am - 5pm (UK Time), Monday

to Friday, during which time we will be pleased to chat

with you by telephone or via LiveBroker.

Visit our site


Call us

If your requirements are complex or you need advice,

we can help you with any insurance related matter.

Give us a call +44 1323 648 000.

Contact by email

If you are interested to know more, email one of our

directors using the details below:

Kelly Fyfe [email protected]

Ellie Hearsey [email protected]

Lynn Hearsey [email protected]

Karler Mears [email protected]

Graham [email protected]

Postal address

Professional Insurance Agents Ltd

Lion Works,

Sidley Rd,

Eastbourne,

East Sussex,

BN22 7HB.

Get in Touch

1717Multiquote & Buy online: www.businessinsurance247.co.ukTel +44 1323 648000 www.businessinsurance247.co.uk

“ 1/3rd of SME’s choosing to

purchase their insurances online do

so outside offi ce hours.”

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Specialising in placing diffi cult commercial insurance risks

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A free audit on your existing insurance arrangements to see if we can improve your costs and covers

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Tel or email us for any of the above01323 – 648000info@businessinsurance247.co.ukwww.businessinsurance247.co.uk